Definition of life insurance is a transfer of risk (Risk Shifting) for the financial losses (financial loss) by the Insured to the Insurer.
Risks that are delegated by the Insured to the Insurer is not the risk of loss of one's soul, but a financial loss as a result of loss of life or because a person reaches old age, so no longer productive.
A. CONCEPT OF THE RISK.
The economic value of the life of a head of household (the breadwinner) is equal to the capacity of its income. If the economic value the life of a family head is lost or reduced, then who will suffer direct loss are his relatives.
The risk of losing this income to be borne by the family of the deceased. To reduce this risk in modern times has taken one way to assign or delegate these risks to other parties, in this case Institute of Life Insurance business specializing in this field as a profession. Delegation of the more popular risk-called "buy a life insurance policy."
B. RISK THAT CAN BE INSURED TYPE.
Throughout the human life is always faced with the possibility of events that can lead to lost or reduced value of its economy. This resulted in losses for themselves and their families or other interested person. In other words, human beings always face the events that would present a risk as follows;
1. Death (death).
Either natural (natural death) and died at a young age due to illness, accidents, (accidental death) and so forth. Each person would have died, although not sure when it will happen. Breadwinner's death will result in loss of income sources for the interested. Therefore, it required financial assurance in a certain period during which leave can not adjust to new conditions.
2. Disability Agencies (Disability) Due to Illness or Accident.
As a result of illness or accident, a person is physically or mentally unable to work while thus affecting earnings. Whereas if a person suffers total and permanent disability, they can not work at all.
3. Critical Illness.
Critical illness can come at any time regardless of age, whether a person is young or old. Critical illness cannot be known when the arrival and can not be known with certainty.
4. Old- Age/ Pension.
Old-age events will occur, but how long it lasts the life of the old days, can not be known with certainty.
5. Education.
The development of the education the longer the better. The cost of a child who will continue the longer pebndidikan also more expensive. Parents should be able to anticipate the development of the education very seriously, because the cost of education now and ten years forward enchancing and increasing for the certainly much different.
The types of life insurance policies of the various types of life insurance available today, there are basically 3 types of life insurance;
1. Term life insurance (Term Insurance) . It is a life insurance contract where the sum assured is payable only if death occurs within the period of insurance coverage period is still valid. Term Insurance is the simplest form of insurance and the oldest. The type of insurance is sometimes also called temporary insurance, in accordance with the insurance. The total premiums on this insurance is also cheaper than a lifetime of life insurance and life insurance can be Doble Function
2. Lifetime Life Insurance (Whole Life Insurance). Life Insurance for life is designed to provide lifelong protection as long as he keeps the Insured remains active with her policy through premium payment policy. In addition to death protection, policy in also provides a savings element which is known as cash value that arises because a fixed premium.
3. Life Insurance Doble Function. This insurance is comprised of two elements, namely protection of life and savings. Mental Protection provides death protection. Savings element of insurance is higher so that appropriate for the purpose of saving. With the savings element the higher than the Insurance Futures and whole Life Insurance
C. Life Insurance Unitlink
In addition to the above three types of policy or also known as the traditional policy, the life insurance business is also known Unitlink insurance policy. Unitlink life insurance policies combine insurance with investment components.
This policy provides life insurance policyholders protection and a chance to participate in investments managed by insurance companies. Funds placed in the product cut for insurance protection and the remainder is invested in units of associated funds.
The purpose of this policy is for investment. By linking results unitlink investment policy with the performance of a fund, the policyholder has the potential to get higher investment returns than traditional policies.
Investment risk entirely the responsibility of the policyholder and the possible policy values can go down. So, eventhough the potential policyholder investment returns greater than a traditional policy, investment risks are also great.
The Unitlink Product Types.
1. Single Premium.
For single premium, the premium paid at once (lump sum) and used to buy units of a fund.
2. Periodic Premium or Regular Premium.
For this type of premium is paid periodically or regularly. Unit purchased as premiums received.
Really…… Insurance is usefull for us, because our life can be insured and the most precious treasure……..
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